SBA offers disaster assistance to residents of New York affected by severe winter storms in Erie County

by jmaloni

Submitted

Fri, Dec 19th 2014 07:55 pm

New York businesses and residents affected by severe winter storms last
month can apply for low-interest disaster loans from the U.S. Small Business
Administration, SBA Administrator Maria Contreras-Sweet announced.

Contreras-Sweet made the loans available in response to a letter from
Gov. Andrew M. Cuomo Dec. 11 requesting a disaster declaration by the SBA. The
declaration covers Erie County and the adjacent counties of Cattaraugus,
Chautauqua, Genesee, Niagara and Wyoming.

"The SBA is strongly committed to providing the people of New York with
the most effective and customer-focused response possible to assist businesses
of all sizes, homeowners and renters with federal disaster loans,"
Contreras-Sweet said. "Getting businesses and communities up and running after
a disaster is our highest priority at SBA."

"Loans up to $200,000 are available to homeowners to repair or replace
damaged or destroyed real estate," said Frank Skaggs, director of SBA's field
operations center east in Atlanta. "Homeowners and renters are eligible for
loans up to $40,000 to repair or replace damaged or destroyed personal property."

"Businesses of any size and nonprofit organizations may borrow up to $2
million to repair or replace damaged or destroyed real estate, machinery and
equipment; inventory; and other business assets," said SBA's Buffalo District
Director Franklin Sciortino.

Applicants may be eligible for a loan amount increase up to 20 percent
of their physical damages, as verified by the SBA, to make improvements to help
prevent the risk of future property damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small
aquaculture businesses and most private nonprofit organizations, the SBA offers
economic injury disaster loans to help meet working capital needs caused by the
disaster. EIDL assistance is available regardless of whether the business
suffered any physical property damage.

Interest rates are as low as 4 percent for businesses, 2.625 percent
for nonprofit organizations and 1.938 percent for homeowners and renters with
terms up to 30 years. Loan amount and terms are set by the SBA and are based on
each applicant's financial condition.

Individuals and businesses also may obtain information and loan
applications by calling the SBA's customer service center at 1-800-659-2955
(1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected].
Loan applications can be downloaded at www.sba.gov/disaster.
Completed applications should be returned to the center or mailed to: U.S.
Small Business Administration, Processing and Disbursement Center, 14925
Kingsport Road, Fort Worth, TX 76155.